Posted by Cathy Jackson on Sep 15, 2017 in Estate Planning | Comments Off on New Jersey Adopts Legal Access to Digital Accounts; Now a Fiduciary Can Legally Compel Facebook etc to Open Up

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning Attorney What happens to your digital assets after you’re gone? What if you wanted to control who had access to those assets? New legislation passed on Wednesday allows for control of a decedent’s digital assets to be given to their fiduciaries. You can read more information on it in this article from the New Jersey Law Journal (CLICK HERE). Gov. Chris Christie on Wednesday signed legislation recognizing a fiduciary heir’s right to obtain control...

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning & Probate Litigation Attorney The topic/issue/question of beneficiary designations comes up often. The correct designation of beneficiaries is a critical consideration in estate planning to avoid estate probate litigation…here’s why I’m going to use a case study to explain. A family member (brother) received $100,000 in life insurance money as the sole beneficiary of his late father’s policy. However, Dad’s will left everything in his Estate...

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning Attorney They say the first generation earns it; the second generation preserves it and the 3rd generation squanders it. What generation are you? What generation are your children? As a parent you may want to leave your IRA to your son or a child. How should you make out the beneficiary designation form especially if you are widowed? The dilemma for many parents is that a child of theirs is a spendthrift. He or she has never been good at handling money...

Posted by Cathy Jackson on Aug 25, 2017 in Estate Planning | Comments Off on Should You Revise Your Estate When a New Baby or Grandchild Arrives

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning Attorney Many couples hire an estate planning attorney to prepare a trust or Will for them when a first child is born. Then comes along two, three or even more. So should the parents redo their wills? Assuming a competent estate planning attorney created the wills, they probably refer to your “descendants” or your “children” as beneficiaries. If so, your second and subsequent child (or grandchild if you’re a proud grandparent), is effectively included...

Posted by Cathy Jackson on Aug 23, 2017 in Estate Planning | Comments Off on A Custodial Account for your Grandchild is Not Necessarily the Best Choice

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning Attorney A client of mine professes to want to establish a college savings plan for her new grandson. His father however insists that a custodial account is a bad idea, but she couldn’t explain why the father feels this way. Here’s the reason. Custodial accounts, straightforward to set up, have potential pitfalls as college savings plans, and for the grandparent. Once you leave an asset to a grandson in a custodial account under the New Jersey Uniform...

Posted by Cathy Jackson on Aug 16, 2017 in Estate Planning | Comments Off on Now Here’s a Big Problem; Dad’s Deed Gives One Half of House to Son, Will Gives Entire House to Daughter

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Probate Litigation Attorney Recently a client’s dad died. The family found the deed to the house. The deed lists dad and his son (client’s brother) as tenants in common. But the father’s will says the daughter gets the house. The brother was living with the father and is still living there. The sister wants him to leave. She’s dad’s personal representative (Executrix under Dad’s Last Will and Testament). What happens now? Because the brother is listed on the...

Posted by Cathy Jackson on Aug 9, 2017 in Estate Planning | Comments Off on How to Factor Your Daughter’s Inheritance of the Family Business into Your Estate Plan

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning Attorney How does a business owner address their Estate Planning when they own a successful business? In one case a client’s adult daughters want to inherit the family business, but their adult son isn’t the least bit interested. Here’s their dilemma: How can they create an estate plan that lets the daughters take over the business, yet still provide an equal share of their estate to each child? Theirs is a common question and dilemma. Practically they...

Posted by Cathy Jackson on Aug 4, 2017 in Estate Planning | Comments Off on Leaving a Greater Inheritance to One Child Can Cause Conflict between Siblings

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning Attorney An adult child told me that her mother is thinking of changing her will because she now believes the daughter’s inheritance should be larger than her brother’s, because of all the help she gives her. She has lived with her mom for three years and her brother (who lives nearby) rarely does anything to help her. Mom is 82, in a wheelchair but mentally fine. Her current will splits everything equally between the daughter and him. Can she change...

Posted by Cathy Jackson on Aug 2, 2017 in Estate Planning | Comments Off on Alzheimer’s Disease Does not Automatically Prevent Signing of Legal Documents

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Alzheimer’s Asset Protection Attorney What happens when you’re told your husband has early onset Alzheimer’s Disease or any other degenerative cognitive diagnosis, especially when he has mostly good days and understands everything? While you may not appreciate what I’m about to say let me assure you, your trust and estate planning document(s) will now need substantial revision. But, can your spouse sign a new last will, power or attorney and trust with this diagnosis?...

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning Attorney A recent question to me was about the federal estate tax. Here the client and his wife own a business with several retail stores in New Jersey. They expect the survivor’s estate could be well over $10 million. Their two kids want to continue to operate the stores. What steps can these business owners take to make sure the children will not have to sell the business to pay the government when they pass away? Even without doing any sophisticated...